What is a "company limited by guarantee" ?

We are not a formal Charity, but a non-distributing company, effectively in the second tier without many of the restrictions that apply to Charities ... which unfortunately we do not have the budget nor man-power to comply with. We cannot distribute profits and, if the OSMF ever ceases to operate, any assets such as cash in the bank would have to be transferred to another organisation with similar aims.

Officially, we are a "company limited by guarantee". This type of company does not have shareholders but "members". Members do not make any contribution to the capital during its lifetime as they do not purchase shares. The members' liability is limited to the amount that they each agree to contribute to the company's assets if it is wound up. (More information on companieshouse.gov.uk).